Cash Balance Account Interest Rate for 2023
Cash Balance Account Interest Rate for 2023
The Group D Cash Balance Account interest rate will be 0.21% bi-weekly, effective with the first full bi-weekly pay period after January 1, 2023. The rate was approved by the HMEPS Board of Trustees at the October 2022 Board meeting.
The Cash Balance calculation is set forth in the HMEPS Pension Statute. The Cash Balance rate is equal to half of HMEPS' five-year investment return, based on a rolling five-year basis and net of investment expenses, but not less than an annual rate of 2.5% nor more than an annual rate of 7.5%, divided by 26. The five-year investment return on HMEPS' investments as of the end of fiscal year 2022 is 10.85%, and half of that return is 5.43%, which when divided by 26 is 0.21%.
The Cash Balance Account is provided under the HMEPS Pension Statute only to Group D members. Interest is credited bi-weekly on a Group D member's contributions to the account, and is payable to a former Group D member with at least one year of service in the pension plan.
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